Iowa Embezzler Files for Bankruptcy

A former finance director for a Des Moines, Iowa business who reportedly admitted to embezzling money from the company has recently filed for Chapter 7 bankruptcy. According to the American Bankruptcy Institute, a total of 1,100,116 consumers filed for Chapter 7 bankruptcy in 2010 - a 9 percent increase from 1,008,870 consumer Chapter 7 filings in 2009.

Randy Gene Stringer admitted to embezzling nearly $1 million from DES Staffing and Des Moines Quick Cash after being caught fleeing law enforcement in Bogota, Colombia in 2009, according to the Des Moines Register. He was reportedly sentenced to a 15-month prison term and ordered to pay $911,369 in restitution to his former employer. In February 2010, Stringer pleaded guilty to one count of wire fraud.

Now, according to the news source, the self-admitted embezzler says he is unemployed and has no income, just assets of $203,650, which include a $200,000 residence currently in foreclosure. Stringer's liabilities total $705,822 and include unpaid state taxes and credit card debt.